Third-party order fulfillment companies help retailers handle their orders for a set of monthly fees. The primary costs include fees for receiving inventory, storing it, packing orders, and shipping them out. Other costs can come from processing returns, restocking, initial setup, account management, inbound shipping, packaging, custom labeling, and special requests, like kitting. The total…
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What Is a Kiosk? Types, Pros/Cons & Examples
In retail, a kiosk is a digital display or small structure that businesses often place in high-traffic areas to engage customers.
Kiosks offer a great opportunity to improve store functions and customer experience by providing information or offering self-service options. They often incorporate an interactive display screen, though they can also be non-interactive. In this article, we will look at different kiosk types, discuss how kiosks can improve your business, and examine how real-life companies are…
What Are Accounts Payable & How To Account for Them
Accounts payable (A/P) is the amount that a small business owes to third-party suppliers and vendors. It is a liability account in the balance sheet that shows the outstanding amounts that are yet to be paid. This article will teach you what accounts payable are and how you should account for them properly in the…
Completed Contract vs Percentage of Completion Method
The primary difference between the completed contract method (CCM) and the percentage of completion method (PCM) is the timing of income recognition. With PCM, income is recognized in phases as the work is completed while, with CCM, income is recognized upon completion of the contract. Quick Comparison of Completed Contract vs Percentage of Completion Method…
What Is a Bank Failure & How To Protect Your Small Business
Business bank failure is when a financial institution is closed by federal or state regulators. The 2023 failures of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank sent shockwaves through the business community. They were the first three bank failures since October 2020. And while the occasional bank failure isn’t uncommon, it is…
What Is a Call Queue? Benefits, Best Practices & Tips
Call queuing is a business phone technology that routes inbound calls by placing callers into virtual lines based on predetermined criteria. Businesses use call queues to manage call volume and minimize calling wait times—which, in turn, can improve sales, increase customer loyalty, and build stronger brand awareness. In this article, we explore what a call…
What Is CRM Data? 4 Types of Data to Store in Your CRM
Customer relationship management (CRM) data is information that can help make a business’ decisions and other operational activities more accurate, objective, relevant, and timely. CRM data can include gathered information of a personal, contextual, or measurable nature, such as contacts, leads, customers, accounts, cases, deals, opportunities, activity, performance, and more. CRM data helps you build…
Medical Malpractice Insurance: Cost, Coverage & Providers
Medical malpractice insurance is a type of professional liability policy designed specifically for physicians and other medical professionals. Policies cover the costs associated with accusations that a physician’s negligence caused a patient’s injury or death. Medical malpractice insurance costs vary by state and specialty, and premiums vary significantly depending on geography and practitioner but can…